Acc 211 Principles Accounting I

Notes Payable – Liability
pay cash and interest in the near future
DR-
​Double-Entry Accounting – The recording of debit and credit parts of a transaction
Adjustments – update general ledger accounts
Special Endorsment – An endorsment indicating a new owner of a check
Goodwill – = Purchase Price- FV of net asset acquired
Reducing balance depreciation – Carrying amount times depreciation rate. Expense not same every year
Bait-and-switch advertising occurs when an ad appears to be based on factual evidence but in fact is not reasonably supported by evidence.
Accrual accounting – recording in each fiscal period applicable expenses, whether paid or not, and income earned, whether collected or not.
Structural functionalism – No change or conflict. Complex system interdependent parts
cash discounts – discounts from quoted prices as an inducement for prompt payment of invoices
GAAP – Combination of standards (set by policy board) as a commonly accepted way to report financial information. These include the standards, conventions, and rules that accountants follow in recording and summarizing and in the preparation of financial statements.
Bаit-аnd-switch аdvertising оccurs when an ad appears tо be based оn factual evidence but in fact is not reasonably supported by evidence.
Liabilities – The debts one owes are
Going Concern Assumption – The belief that the business will continue operating for the foreseeable future, or an indefinite time. This concept justifies, for example, recording revenue before it is collected and expenses before they are paid.

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